This Week's D.C. Deal Sheet
Tampa, Florida-based Carter Multifamily acquired a 396-unit apartment property in Hyattsville, Maryland, from Mid-America Apartment Communities, a property manager confirmed to Bisnow.
The property, formerly named Post Park, is located at 3300 East-West Highway, and has since been rebranded as Mode at Hyattsville. A webpage for the property lists Allegiant-Carter Management, a subsidiary of Carter Multifamily, as the owner.
Reonomy shows Carter acquired the property in a $103.5M deal. Neither buyer nor seller responded to a request for comment.
Post Properties appears to have developed the property in 2006, according to property records. MAA acquired Post in a nearly $4B transaction in 2016, and subsequently moved its headquarters to Germantown, Tennessee, where it is still based.
SALES
Wesley Housing acquired a 100-unit property in Columbia Heights for $18.7M from UIP, the buyer announced Thursday. The naturally occurring affordable housing property at 3435 Holmead Place NW went through the Tenant Opportunity to Purchase Act process and will now be preserved as affordable at 60% of the area median income, Wesley said in its release.
The nonprofit will undertake short-term “life safety” and habitability fixes for the property over the next three years while pursuing 4% Low-Income Housing Tax Credits and financing from the Housing Production Trust Fund. Wesley will then undertake more substantial rehabilitation work.
For the property acquisition and stabilization, JPMorgan Chase provided an $8.8M loan, LISC DC and Capital Impact Partners provided separate $5M loans, and the Amazon Housing Equity Fund provided a $2.5M grant.
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Fortis Cos. acquired the former 48K SF headquarters building for the National Science Teaching Association in a $14M deal announced Thursday. The deal includes an office property at 1840 Wilson Blvd. as well as two restaurants: Rhodeside Grill at 1836 Wilson Blvd. and Il Radicchio at 1801 Clarendon Blvd.
The new owner is planning to pursue a redevelopment that will “likely” include mixed-use multifamily over ground-floor retail at the site, Fortis Cos. Vice President Matt Bunch told Bisnow in an email. The property is located less than a quarter-mile from the Courthouse Metro station and is zoned for mixed-use residential under Arlington County’s Rosslyn-to-Courthouse sector plan, according to a press release.
CBRE’s Dean Stiles and John Sheridan represented NSTA in the deal.
Welltower REIT acquired a K Street medical office property for $78M, Bisnow reported Wednesday. The property — which includes ground-floor retail and medical tenants Quest Diagnostics, Washington Orthopaedics & Sports Medicine and District Endodontists — is located at 2021 K St. NW near the Farragut West Metro station. An affiliate of TF Cornerstone sold the 214K SF property, paying off a $55M mortgage on the building through the deal.
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KLNB brokered the $11M sale of an Upper Marlboro shopping center on behalf of a seller affiliated with Michigan-based Versa Real Estate. The nearly 93K SF shopping center located at the intersection of U.S. 301 and Route 4 is 100% leased and anchored by a freestanding 48K SF Weis market. The shopping center has 19 units, including tenants Advanced Auto and Dollar Tree, and has an additional 10K SF of development potential. Renaud Consulting represented the purchaser, a Maryland-based first-time buyer. KLNB's Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary represented the seller.
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Enterprise Community Development acquired the 87-unit Parkside Terrace Apartments for $20M, the nonprofit developer announced Wednesday. The new owner received a bridge loan for the property, located at 506 Easley St. in Silver Spring, from the Montgomery County Affordable Housing Opportunity Fund. Enterprise said it will preserve the units as affordable for those making up to 60% AMI, and it plans to embark on a modernization program for the garden-style apartment community originally built in 1962.
LEASES
The Institute for Justice has expanded its lease by a third in Arlington, adding more than 14K SF in a deal brokered by Cresa’s Mindy Saffer and Sam Heiber. The nonprofit committed to more than 58K SF at 901 North Glebe Road as part of a long-term deal, the brokerage announced Monday. This is the Institute for Justice’s second lease expansion in recent years — it also added 14K SF to its lease in 2020. The lease also ensures that building owner Piedmont Office Realty Trust will cover all renovation costs for the institute’s space, which now includes the eighth and ninth floors. Piedmont is updating the building, a 12-story office tower near the Ballston Metro station.
FINANCING
Massachusetts-based The Dolben Co. secured a $28M, 10-year fixed rate loan through Eastern Bank for a Prince George’s County property, broker JLL announced Monday. Dolben secured the permanent financing on the 209-unit Lake Arbor Towers in downtown Mitchellville, Maryland. The JLL Capital Markets Debt Advisory team that secured the loan included Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan.
PERSONNEL
Balfour Beatty announced its new president of building operations in the mid-Atlantic. Dan Novack was elevated from a vice president role to provide strategic oversight for construction operations in the region. Novack, who started his construction career at Balfour Beatty, has provided operational support for projects totaling more than $2.5B. His LinkedIn profile shows he was previously a vice president of business acquisition at the firm and served as an adjunct professor at George Mason University, from which he got his master’s in business administration in 2017.
